Debt Relief Order
Debt Arrangement Scheme
Bank Loan Debt
Payday Loan Debt
Credit Card Debt
Store Card Debt
COVID-19: We have answered some of our customer's most frequently asked questions
National Debt Service is a trading style of Financial Support Systems Limited.
All major creditors are aware an IVA can only be proposed and supervised by a Licensed Insolvency Practitioner. Financial Support Systems fees are transparent and fully disclosed in writing before our customer’s decide to proceed with an IVA. All major creditors are aware of Financial Support Systems fees and agree that these are fair and acceptable to them.
Many websites claiming to be providers of IVA’s are simply generating leads and will sell on your details. These companies may also charge you additional fees that mean you make payments that are not part of the IVA and you may not get these back if your IVA is unsuccessful. Any enquiry made on our website is received for the use of our firm only and your data will not be shared or sold with any other debt provider or organisation.
All fees charged for the proposal and supervision of your IVA are paid through the monthly payments you make in to it. There are no upfront costs and payments will only commence on approval of your IVA. If your IVA is not successful you will not be charged.
The Insolvency Practitioner performs two different roles during the IVA process and there are is a specific fee to cover each of these roles. These two fees are known as the Nominee’s Fee and the Supervisor’s Fee.
Before your IVA is approved by creditors our Insolvency Practitioner takes on the role of the Nominee and the fee for this covers:
This fee is chargeable only on acceptance and when payments commence. If you IVA is not approved this fee does not fall due.
Once your IVA is approved and for the duration of the Arrangement which is usually 5 years (60 months) the Insolvency Practitioners role becomes that of the Supervisor. The Supervisor’s fee covers all work undertaken in this period, including:
Expenses can be incurred by your Insolvency Practitioner during the administration of your IVA and certain costs that are incurred specifically to the case can be recovered from your monthly payments. Details of the estimated expenses are detailed in the IVA proposal before you sign it and disclosed and negotiated with your creditors prior to approval.
*This example is taken from an average of 10 typical cases approved.
All fees and expenses are detailed in your IVA proposal so that both you and your creditors will have an opportunity to review and agree to them before you enter.
Subject to eligibility and acceptance. Fees Payable. Debt write off applies to unsecured debts only and on completion of an IVA. If your IVA fails, it could lead to Bankruptcy, although this is rare and alternatives may be available. Your ability to obtain credit will be affected for the medium to long term. Homeowners may be required to release the equity in their property, if unable to release equity and equity is available creditors may request an additional 12 months payments in compensation.
Financial Support Systems provides insolvency solutions to individuals, specialising in IVA’s. We do not administer or provide advice solely relating to debt management products, such as Debt Management Plans. Advice and information on alternative options will be provided following an initial fact find were the individual(s) concerned meets the criteria for an IVA and wishes to pursue it further, as governed by our regulators Institute of Chartered Accountants in England and Wales. All advice given on any alternative options is therefore provided in reasonable contemplation of an insolvency appointment.
The Money Advice Service is a free service set up by the Government to help people make the most of their money. If you would like to learn more click here.
Debt write off applies to unsecured debts and on completion of an IVA. A debt write off amount of between 20% and 80% is realistic, however the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors.
Call charges may vary depending on your telephone provider. All calls are recorded for training and compliance purposes, but deleted after 6 months for non-customers in line with GDPR guidelines.
Free money help and advice can be found at the MoneyAdviceService.org.uk